Code of Ethics

Piaggio & C. S.p.A. has the conviction that the ethics of its business management is to be pursued in conjunction with the success of the enterprise. (Code of Ethics, art. 1)

Piaggio & C. has adopted a Code of Ethics since 2004 for the Organisational Model pursuant to Italian Legislative Decree 231/2001. The Code of Ethics was last updated in 2017 following a review of the Organisational Model pursuant to Italian Legislative Decree 231/2001, in order to tailor it more closely to the social and ethical values that the Piaggio Group is based on and that inspire its work. The Code of Ethics, available on the Company’s website (www.piaggiogroup.com/Governance), widely distributed and in force in all of the Group’s companies, defines the principles and values which the entire company organisation takes inspiration from in a clear and transparent manner:

complying with the laws of countries where Piaggio operates;

dismissing and condemning unlawful and improper behaviour;

preventing breaches of lawfulness, constant search for transparency and openness in managing the business;

seeking excellence and market competitiveness;

respecting, protecting and valuing human resources;

pursuing sustainable development while respecting the environment and rights of future generations.

The Group’s Code of Ethics sets out the social and ethical responsibilities of each member of the Company’s organisation. In particular the ethical and social responsibilities of senior management, middle management, employees and suppliers are defined in order to prevent any party acting in the name of and on behalf of Group companies, from adopting a conduct which is irresponsible or unlawful.

The articles of the Code of Ethics also set forth an important principle on how to manage relations with policy makers: “The Company does not make contributions or offer advantages and/or benefits to political parties and trade unions or to their representatives or candidates without prejudice to compliance with applicable law.” In view of the specificity and relevance of the Indian economy, the Code of Business Conduct & Ethics and the Whistle Blower Policy have been drafted and adopted since December 2016 for the Indian affiliate; the Whistle Blower Policy is specifically intended to protect and guarantee those who report any alleged violations of the Code, thereby also safeguarding the effective application of the Code itself.

At the same time, again in view of the peculiarities of the Indian society, a “Policy on Prevention of Sexual Harassment of women at the workplace” has been adopted by the Indian affiliate to avert incidents of sexual harassment at the factory.